HomeMy WebLinkAbout1768 a• •
i
_ ,
the title policy insuring the lien of the Oceanview mortgage as
hereby modified, and such other exceptions to title as are
expressly permitted by the terms hereof or are expressly
contemplated herein for the development of the Oceanview
Property, or shall obtain a judgement against Oceanview
constituting the dismissal of all claims and defenses of
Oceanview and barring any further involvement by Oceanview in
the foreclosure and anx related proceedings within sixty (60)
~ days following the commencement of foreclosure proceedings;
Ij otherwise, the same shall, following the expiration of said - -
sixty (60) day period, constitute a default under the Lakeview
mortgage and Bankers may proceed to foreclosure the Lakeview
mort a e or ursue an other remedies permitted under either of
9 9 P Y
said mortgage or by law. After Bankers shall have acquired
title to the Oceanview Property, failure to make any subsequent
payments required by Paragraph 4 under the Note shall not
constitute a default under the Lakeview mortgage; the
provisions of this sentence shall not in any way limit the
obligation of the Makers under the Note to make any interest
payments required to be-made pursuant to Paragraph 5 thereof
~ and to pay all principal and interest not theretofore paid on
the final maturity date. Meover, after Bankers shall have ac-
quired title to the Oceanview Property, the foreclosure or other
enforcement of the Costa Lakeview Mortgage shall not constitute
a default under the Lakeview Mortgage in the absence of any other
default thereunder, including no default in the payments required
by the terms of the Note (inc137ing all payments required by para-
graph 4 thereof).
p~1~~7
M[RiNON, sAWY[R, JONNSTON, OUNWOD~ L COl[,1000 SOYTN[AST IIRST NATIONAL •ANK OtJILO~NO, MIAMI. /LORIOA »IJI ~
K - ?